The EUR/USD had declined to the support of the 1.0880/1.0890 range due to the US data release. After the event, the rate returned to Thursday's levels.
Economic Calendar Analysis
No notable events at the start of next week. Full weekly analysis will be done at the start of the week.
EUR/USD hourly chart analysis
An extension of the ongoing surge is expected to face resistance in the 1.1000/1.1045 range. In this range there are two high and low level zones, the weekly R1 simple pivot point and the 200-hour simple moving averages. However, it could be slowed down by the 100-hour SMA near 1.0960.On the other hand, a decline might find support in the 1.0930/1.0935 zone and the 50-hour simple moving average, before once again approaching the 1.0900 mark. Further below, note the 1.0880/1.0890 range and the weekly simple pivot point at 1.0881.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the lower trend line of the channel pattern and the 50-day simple moving average have held. The rate could test the 1.1070/1.1100 range.Daily chart
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Traders are shorting
On Wednesday, traders were 66% short, as more expected a decline.
Meanwhile, pending orders in the 100-pip range around the pair were 55% to sell.
During Thursday's trading, positions were 58% short. In the meantime, pending orders were 54% to sell.
By Friday, the positions were 62% short and orders were 63% to sell.